Notes from the AGM, page-5

Asked aboutthe process to sales, MV stated that IMM has no intention of marketing productsthemselves. “Pharma companies are our customers”. Its’ not news, but I’d neverheard him put it so unequivocally before. In conversation later, he reiteratedthe process is to sell each product IP to the pharma on the basis ofmilestones, success and royalty. Same for anything new going forward.

Kbear, again thanks mate......That clears a lot of my thinking......

Immutep the collaborator, has possible retail links with it's partners, which if trial outcomes

are positive you would expect the respective partners would be the buyer.....

OK that's the possibilities of our collaborations........SO...

Where does that leave AIPAC?......If trials are successful does it go to the open market and we

retain "EFTI" for different research in matters other than breast cancer?